Canadian Erwin Singh, HDFC MF, among bidders for Yes Bank
Canadian industrialist Erwin Singh ...
Canadian industrialist Erwin Singh Braich and HDFC Mutual Fund, among others, are said to be interested in acquiring a stake in Yes Bank, media reports have said. The bank had earlier announced that it had received a binding offer from a global investor for an investment of $1.2 billion. Also, in an investor presentation this month, Yes Bank said that it had received multiple other non-binding but strong bids from marquee domestic and global institutional investors and family offices and that its board was evaluating all the bids.
Braich, the founder of the Braich Group of Companies and Trusts, has reportedly offered to pump in $1.2 billion into the bank.
In a regulatory filing in November, Yes Bank had said that a meeting of the board of directors of the company was scheduled for November 29 “to consider and approve raising of funds by issue of equity/equity-linked securities through permissible modes, subject to necessary shareholders/ regulatory approvals, as applicable”.
The bank, however, has not come out with the decisions taken in the board meet so far.
On November 19, the bank had informed the exchanges that Rana Kapoor and promoter entities—Yes Capital and Morgan Credits—have sold their remaining 0.8 per cent stake in the private lender. On November 4, ace investor Rakesh Jhunjhunwala bought 1.30 crore shares or 0.51 per cent stake in Yes Bank.